BCH is a must-own coin right now according to Brian Kelly

Cryptocurrency trader and founder of BKCM investment firm, Brian Kelly said Monday bitcoin cash is the must-own cryptocurrency of the moment.

Chief reason for such recommendation from Kelly is the formation of a new development fund for bitcoin cash network backed by BCH miners.

On Saturday, BCH miners reportedly had a meeting dedicated to funding for a BCH development fund. As per their proposal, the miners will contribute some part of their mining rewards to the bitcoin cash development fund, and that capital will be used to carry on the necessary development of the Bitcoin Cash blockchain.

Kelly continued:

“That’s how blockchains gain value. You’re going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash.”

Kelly had his digital chart out to show BCH’s 6% rally over the last month has made it a leader among the top cryptocurrencies. BCH was at a low of almost $600 in mid-April from where it increased dramatically through to early May when it topped $1,800 and has steadily lost value to where it trades today at $1,235 according to livecoinwatch.com.

Bitcoin cash is one of the worst performers last week following a hard fork on their network, a planned upgrade that gave it 32MB blocks and smart contract capability. The fork was intended to bring new functionality to the blockchain but instead missed a consensus – it left a huge chunk of the BCH community behind. As of Friday, nearly one-in-five bitcoin cash nodes were running old software.

Bitcoin Cash is ranked as the 4th largest coin with the market cap over $20.6B and trading volume of $622M per day. The trading volume has dropped significantly from over $1B registered on May 14, which may be attributed to BCH hard fork that happened on May 15.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Sarah Wurfel

Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

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